Surrey University Stag


Module code: ECOM032

Module Overview

The module complements modules covered in Semester 1 (ECOM026 Energy Economics and Technology and ECOM020 Microeconomics). It covers the economic analysis of international oil and gas markets, examining in detail the behaviour of key stakeholders, namely: consumers and producers (including industry, OPEC, host Governments). It also combines both a historic assessment of key developments that have affected the oil and gas industry, as well as an analysis of current energy policies.

Module provider


Module Leader

NAKHLE Carole (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

JACs code: L160

Module cap (Maximum number of students): N/A

Overall student workload

Independent Learning Hours: 128

Lecture Hours: 22

Module Availability

Semester 2

Prerequisites / Co-requisites

Either ECOM026 (Energy Economics and Technology) or ECOM020 (Microeconomics) are pre-requisites for this module

Module content

Indicative content includes:

  • Technical characteristics of oil and gas and their consequences

  • Evolution of the structure of the oil and gas industry

  • Oil demand and elasticities, fundamentals of the supply chain

  • Petroleum fiscal regimes

  • Resource base

  • The evolution of the industry and the economics of OPEC

  • Oil price forecasting, Developments in the international gas industry

  • Gas pricing, Issues shaping the future of oil and gas

Assessment pattern

Assessment type Unit of assessment Weighting
Coursework COURSEWORK - 2,000 WORDS ESSAY 50
Examination EXAMINATION - 2 HOURS 50

Alternative Assessment

Not applicable

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate that they have at least a basic understanding of the oil and gas markets in terms of market fundamentals, energy policy, and the differences between oil and gas, as well as a broad grasp of the basic core components of energy economics.

Thus, the summative assessment for this module consists of:

  • One coursework that touches on a topical subject which complements the lectures. Coursework topic will typically be distributed in week 7 and submitted in week 9 (giving 6 calendar weeks to work on the assignment, given the Easter break). 2,000 words.

  • Two hour examination scheduled during weeks 13-15

Formative assessment and feedback is provided by detailed written comments on the submitted assignment.

Module aims

  • To enable students to understand analyse the economics of global oil and gas markets

Learning outcomes

Attributes Developed
001 An in-depth understanding of the role of oil and gas in international energy markets KCPT
002 A systematic understanding of the influence of technical characteristics on the structure and operation of the oil and gas markets, and identify the differences between oil and natural gas and their implications KCP
003 The ability to critically analyse the key factors affecting the market fundamentals of oil and gas, including energy policy, fiscal regimes, prices and the shale revolution KCP
004 Understand the structure of the oil and gas markets, and evaluate the role of the key players including OPEC KCP
005 Critically evaluate the usefulness and the limitations of economic explanations of oil price movements KCP

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Methods of Teaching / Learning

The learning and teaching strategy is designed to ensure that all students are exposed to the basic core components of energy economics and international oil and gas, and that they are up to date with the latest developments in oil and gas markets.

The learning and teaching methods include:

  • 2 hours lecture per week x 11 weeks.

  • Discussions during lectures.

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list
Upon accessing the reading list, please search for the module using the module code: ECOM032

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Batteries, Fuel Cells and Energy Storage Systems MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Economics MA 2 Optional A weighted aggregate mark of 50% is required to pass the module
Economics MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Petroleum Refining Systems Engineering MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Renewable Energy Systems Engineering MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2019/0 academic year.